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Dave SchumacherSr. Vice President206 382 8555dave.schumacher@colliers.comDavid W. MortensenSr. Associate206 382 8554	david...
Q1 2012 | MultiFamilyColliers International | Seattleresearch & forecast Report                                  Demand Dr...
research & forecast report | Q1 2012 | MultiFamilyGrowing Supply, Growing Demand                                          ...
research & forecast report | Q1 2012 | MultiFamilyProjecting Demand and new DevelopmentDeliveries are expected to peak in ...
EVERETT                                     Snohmish County Top Employers                        > The Boeing Company     ...
research & forecast report | Q1 2012 | MultiFamily                                                                        ...
research & forecast report | Q1 2012 | MultiFamily                                                                        ...
research & forecast report | Q1 2012 | MultiFamily                                                                       V...
research & forecast report | Q1 2012 | MultiFamily                                                                        ...
research & forecast report | Q1 2012 | MultiFamily  PUGET SOUND APARTMENT VACANCY REPORT                                  ...
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Colliers 2012 Q1 Multifamily Report

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Here is a great regional report we produce for those of you following multifamily in Puget Sound --Colliers Institutional Multifamily Report for Q1 2012

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Transcript of "Colliers 2012 Q1 Multifamily Report"

  1. 1. Dave SchumacherSr. Vice President206 382 8555dave.schumacher@colliers.comDavid W. MortensenSr. Associate206 382 8554 david.mortensen@colliers.comDylan P. SimonAssociate206 624 7413dylan.simon@colliers.comFIRST QUARTER 2012Research &Knowledge ReportSeattle MultifamilyColliers International601 Union St., Ste 5300 | Seattle, WA 98101 www.colliers.com
  2. 2. Q1 2012 | MultiFamilyColliers International | Seattleresearch & forecast Report Demand Driving Construction, Rates Driving Sales The biggest building boom in 25 years is taking place in Seattle. In the past, most new construction happened in the suburbs. In this cycle, however, the vast majority of the new product is in Seattle proper – Downtown, First Hill/Capitol Hill, Fremont/Ballard, and the University District. At the same time, Puget Sound area employment is up 2.5% year-over-year, which is stronger than previously thought, and the area is expected to add jobs at a rate of 2% or better every year through 2016. Inside, we examine the potential new product and project how much of it will actually be built. We examine employment growth and demand forecasts to determine if and when the market will be oversaturated by the new supply, or whether the strong demand will absorb the new product. We also look at the investment market – specifically sales volume and cap rates. Sales volume ismarket indicators increasing and is likely to continue to increase throughout 2012 and 2013. Downward pressure on cap rates continues, but we expect it to flatten out this year. What market forces could reverse cap 2012 2013 rate compression? Finally, we take a brief look at each of the major market regions within the Seattle metro area – Seattle, Eastside, Southend and Snohomish County.VACANCYCap Rates Key Indicators Supply and Demandconstruction • Tri-Countysales volume totaled $408 • Employment is projected to grow between million in Q1 2012 vs. $100 million Q1 2011 2.0% and 2.5% annually in the Puget Soundrents • Rents through 2016 (economicforecaster.com) in the Seattle MSA have risen 4.8% year-over-year according to Apartment • Approximately 3,500 new units are expected to Insights be delivered in 2012 • Vacancy is down to 4.1% in King County • New development should peak in 2013 with a and 4.6% in Snohomish County projected 6,300 new units • 18% are offering concessions vs. the Q1 2010 peak of 62% (duprescott.com) Puget Sound HOme Ownership rates 67.0% “There remains an aversion 66.0% to home ownership as 65.0% evidenced by still downward- trending home ownership 64.0% rates. This phenomenon 63.0% continues to stimulate 62.0% demand by depressing 61.0% turnover and thereby limiting 60.0% fresh new supply.” Thomas 59.0% W. Toomey, president and 58.0% CEO of UDR (The Watch List, Feb 9, 2012)www.colliers.com/seattle
  3. 3. research & forecast report | Q1 2012 | MultiFamilyGrowing Supply, Growing Demand Projected Deliveries in King and Snohomish CountiesThere are 28,000 total units that are either under construction or in 10,000planning stages in King and Snohomish Counties. To try to put that in some 9,000perspective, we handicap the various stages of development for likelihoodof completion. We assume that 100% of the properties currently under 8,000construction will be completed. We handicap properties in the planning 7,000stages at different levels based on projected year of delivery. We project 6,000that 70% of properties in planning for 2013 delivery will be completed. We 5,000project 60% completion for 2014 properties and 50% for 2015 and the 4,000projects in planning without delivery dates as yet. The total projected 6,887 3,000 5,731delivery over the next 4 years using that handicapping scheme just over 2,000 3,94920,000 units. We believe actual deliveries are highly unlikely to exceed 2,976that number and may well fall short. 1,000 632 - 2012 2013 2014 2015 Future Completed Under Construction Planning Projected Yellow bars indicate our own projections of actual deliveriesProjecting Employment Growth Projected Job Growth in King and Snohomish CountiesAfter projected new development, employment is the primary factor 45,000that determines when and if Seattle gets overbuilt. 40,000Employment in the Seattle area grew faster than previously thought, 35,000causing Conway and Pedersen (economicforecaster.com) to increase 30,000their 2012 employment forecasts up by 12,400 jobs in King andSnohomish Counties. Unemployment is now down to 7.4% in King 25,000County (which peaked at 9.0% Q4 2009) and 8.2% in Snohomish 20,000County (which peaked at 10.6% Q4 2009). They project unemployment 15,000to drop to 7.1%/7.9% in 2013 (King/Snohomish), 6.9%/7.7% in 2014 10,000and 6.6%/7.3% in 2015. 6,643 6,635 6,182 4,315 5,000 2,086Employment is the primary driver of in-migration and apartment -demand, so improving employment bodes well for absorption of new 2011 2012 2013 2014 2015supply. Our demand projections come from a March 2012 O’Connor New Jobs New Apartment DemandConsulting Group report. Those projections do not take into accountConway and Pedersen’s now increased employment forecast, so anupdated demand projection would likely be somewhat higher. Sources: Employment – economicforecaster.com, Demand – O’Connor Consulting Group (Mar 2012) Colliers International | p. 2
  4. 4. research & forecast report | Q1 2012 | MultiFamilyProjecting Demand and new DevelopmentDeliveries are expected to peak in 2013 for this cycle and taper down to more typical levels. Still, this development cycle is not likely to end any timesoon. We have been predicting a housing shortage in the Seattle market since 2008. The market lost nearly 10,000 units from 2004-2007 which thedevelopment pipeline has just replaced as of last year. Demand currently exceeds supply even though unemployment is still around 8%. The demandprojections from O’Connor Consulting Group show that new households and employment growth are expected to keep demand in front of supply for theforeseeable future.Projected Demand vs. Deliveries Projected Vacancy8,000 5.0%7,000 4.5%6,000 4.0% 3.5%5,000 3.0%4,000 2.5%3,000 2.0%2,000 1.5%1,000 1.0% - 0.5% 2011 2012 2013 2014 2015 0.0% New Apartment Demand New Deliveries 2011 2012 2013 2014 2015Sales Volume Rising Tri-County Sales VolumePuget Sound sales volume returned to more typical levels in 2011, and $2,500,000,0002012 looks to build on that momentum. Q1 2012 sales volume in thetri-county area totaled $408 million vs. $100 million in Q1 2011. Dealflow should continue to rise throughout 2012 and 2013. $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 $0 King Pierce SnohomishCap Rates Compressing king county cap ratesInterest rates and the 10-year treasury have been major factors driving 9.0%cap rate compression in this cycle. At this point, neither the 10-year 8.1% 8.1% 8.0%nor cap rates are likely to go any lower, particularly given the record 8.0% 7.4%low 1.79% 10-year treasury yield seen earlier this year. The Fed has 6.8% 7.0% 6.3% 6.2%promised to keep interest rates “low” through 2014, but that may not 5.6% 5.4% 5.5% 5.9% 6.0%stop the 10-year from creeping up as we witnessed in March. 4.8% 5.2%Downward pressure on cap rates will likely ease somewhat following 5.0%any upward movement in interest rates and the 10-year yield. 4.0% 3.0% 2.0% 1.0% 0.0% Colliers International | p. 3
  5. 5. EVERETT Snohmish County Top Employers > The Boeing Company > Zumiez > Naval Station Everett > Aviation Technical Services SNOHOMISH > Providence Regional Medical Center > Rinker Materials NW > Premera Blue Cross > Fluke Corp > Tulalip Tribes > Intermec MILL CREEK > Philips Medical Systems MONROE LYNNWOOD Snohomish County EDMONDS Greater Seattle Top Employers > University of Washington > Starbucks Corp > Amazon.com > Perkins Coie BOTHELL WOODINVILLE > King County Government > Expeditors International > Group Health Cooperative > Real Networks Inc > Nordstrom Inc > Bill & Melinda Gates Foundation > Swedish Medical Center > Russell Investments Eastside Greater Seattle REDMOND Eastside Top Employers > Microsoft > Symetra Financial > Nintendo > Data I/O Corp SEATTLE BELLEVUE > Costco Wholesale > Concur Technologies > Expedia Inc > Clearwire Corp > Esterline Technologies > Google ISSAQUAH RENTON BURIEN TUKWILA SEATAC Southend Average Rent and Vacancy - Seattle MSA Markets$1,400 10% KENT$1,300 9% 8%$1,200 GIG HARBOR Southend Top Employers 7%$1,100 FEDERAL WAY > The Boeing Company > Paccar Inc / Kenworth 6% AUBURN$1,000 > Port of Seattle > Alaska Air Group 5% $900 > Providence Health > IKEA 4% > Valley Medical Center > REI $800 3% > Weyerhaeuser > Mikron Industries $700 TACOMA 2% $600 1% $500 Pierce County 0% Greater Seattle Eastside Southend Snohomish County Average Rent/SF Average Vacancy Rate PUYALLUP
  6. 6. research & forecast report | Q1 2012 | MultiFamily Vacancy Cap Rates Construction Rents 2012 Greater Seattle 2013 Greater Seattle Market Vacancy After the recession and the collapse of Washington Mutual, the Gr Seattle Market Vacancy downtown Seattle office and retail sectors have rebounded 8.00% dramatically. 7.00% • Downtown employment growth is driving apartment development 6.00% which is why 75% of the region’s new projects are being built in Seattle. In fact, Seattle ranked fifth nationally for job growth 5.00% between January 2011 and January 2012 (PSBJ 3/23/12). 4.00% • Amazon has played a critical role in the downtown surge. Along 3.00% 3 00% with the new South Lake Union campus headquarters, it recently 2.00% announced plans to add a staggering 3 million square feet of office 1.00% in the Denny Triangle. Amazon has almost single-handedly driven 0.00% down the office vacancy rate in the northern edge of downtown by leasing up office space nearby. Amazon’s rapid expansion has also Q1 00 Q1 01 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 been a catalyst for the restaurant and apartment surge in South Lake Union and the rush to build apartments elsewhere in the downtown core. • The downtown retail sector led by Nordstrom is thriving. Nordstrom is expanding into the Quest Plaza tower recently Greater Seattle Average Rent Greater Seattle Average Rent purchased by Clarion. The company, which already occupied over one million SF in downtown Seattle, signed a 20-year lease for $1,250  300,000 SF. Meanwhile, Target purchased 103,000 SF of space $1,200  in 2010 and will open one of the first small-format CityTarget $1,150  stores in downtown Seattle this summer. Target is offering one-stop shopping, including groceries, to urban dwellers in $1,100  Seattle, Chicago, San Francisco and Los Angeles. $1,050  $1,000  Greater Seattle New Development $950  8,000 $900  7,000 Q2 07 Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11 Q1 12 6,000 5,000 4,000 3,000 2,000 2 000 1,000 0 2010 2011 2012 2013 2014 2015 Completed Under Construction Planned Colliers International | p. 5
  7. 7. research & forecast report | Q1 2012 | MultiFamily Vacancy Cap Rates Construction Rents 2012 Eastside 2013 Eastside Market Vacancy Eastside Market Vacancy Multifamily rents on the Eastside are the highest in the region and 10.0% vacancy rates have dropped to 3.7%. Eastside office vacancy has fallen 9.0% below 10%, the lowest in the region. 8.0% • Touchstone announced they are moving ahead “full throttle” with 7.0% their redevelopment plans for Kirkland Parkplace. Google is rumored 6.0% to be a likely tenant for a portion of the 1.2 million SF of office/tech 5.0% space. (Daily Journal of Commerce, 4/13/12) 4.0% 4 0% 3.0% • Seattle is still capturing many of the young creative and tech 2.0% workers that commute to the Eastside, but some urban villages are 1.0% cropping up on the Eastside to keep Gen Y on that side of Lake 0.0% Washington. Look to the downtowns of Redmond, Bellevue, Kirkland Q1 00 Q1 01 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 and even Bothell to become denser and hipper as this development cycle unfolds with improved infrastructure and strategic development within their emerging urban city centers. • TheEastside’s strong high-tech employment base led by Microsoft continues to draw an educated workforce to the area. As neighborhood walkability and abundant transit options become increasingly important, city officials are responding to this demand. Eastside Average Rent Eastside Average Rent • Many cities on the Eastside have joined forces to ensure conversion of the Eastside rail corridor into a regional trail and linear park. This$1,350  44-mile rail corridor runs from Renton to Snohomish. In Redmond the trail parallels the planned East Link light rail station. In Kirkland,$1,300  the corridor connects a key Highway 520 park-and-ride with a Google campus and Totem Lake.$1,250  • Plansfor the East link light rail extension from Seattle through Mercer Island, I-90 core, Bellevue and eventually Redmond are in the$1,200 $1 200 final design stage.$1,150  eastside Projected New Development 2,000$1,100  1,800 1,600 Q2 07 Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11 Q1 12 1,400 1,200 1,000 800 600 400 200 0 2010 2011 2012 2013 2014 2015 Completed Under Construction Planned Colliers International | p. 6
  8. 8. research & forecast report | Q1 2012 | MultiFamily Vacancy Cap Rates Construction Rents 2012 Southend 2013 Southend Market Vacancy Southend Market Vacancy• Occupancy in the Southend is improving (from 5.9% Q3 2011 to 5.6% 9.0% Q1 2012) but is still above 5%. Opportunistic investors should look to 8.0% this region for a late-recovering market. We particularly like Kent and 7.0% Renton for the employment story 6.0%• Rents are up just 1.76% YOY in the Southend to $924 which is still 5.0% about 4% off the Q3 2008 peak of $959. With relatively flat supply 4.0% (only 499 new units planned for the Southend through 2015), demand 3.0% should begin to push rents in earnest as the Southend continues its 2.0% pattern of population and job growth. 1.0%• Paccar, one of the key Southend employers, recently received an order 0.0% for 1,000 Kenworth T680 trucks. The deal is similar to the $100 Q1 11 Q1 12 Q1 08 Q1 09 Q1 10 Q1 05 Q1 06 Q1 07 Q1 03 Q1 04 Q1 00 Q1 01 Q1 02 million/1,000 truck deal received two years ago. (PSBJ 3/22/12)• We discuss Boeing at length in the Snohomish County section, but the Southend is not to be neglected. The company has five facilities and numerous suppliers in the Southend, all adding capacity. This includes the Renton plant where the 737s are manufactured. Southend Average Rent Southend Average Rent $1,000  $950  Southend New Development $900  600 $850  $850 500 400 $800  300 $750  200 Q2 07 Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11 Q1 12 100 0 2010 2011 2012 2013 2014 Completed Under Construction Planned Colliers International | p. 7
  9. 9. research & forecast report | Q1 2012 | MultiFamily Vacancy Cap Rates Construction Rents 2012 Snohomish County 2013• Rents are up 3.40% YOY in Snohomish County to $974 which Snohomish Co Market Vacancy Snohomish County Market Vacancy is still 3.3% off the Q3 2008 peak of $1,006. Like the 10.0% Southend, we also like Snohomish County for investors looking 9.0% for markets that are just about to recover in earnest. 8.0% 7.0%• The new development pipeline for all of Snohomish County 6.0% through 2014 is less than 1,000 units. The largest project, 5.0% Bailey’s Farm, a 372-unit development between Bothell and 4.0% 4 0% Mill Creek, is currently under construction for 2013 delivery. 3.0%Successes continue to add up at Boeing, which has a huge 2.0%presence in Snohomish County: 1.0%• 0.0% Fifty 787 Dreamliners have come off the production line as of Q1 00 Q1 01 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 February.• The 747- 800, Boeing’s largest plane ever developed, has FAA certification, and both the freighter and passenger Snohomish County Avg Rent Snohomish County Average Rent configurations are now being delivered. $1,050 • The Air Force Tanker contract, which will also be built at the $1,000  Everett plant, promises 20-year stability that is essentially immune to cycles. With an initial order of $35 billion, $950  projections have gone as high as $100 billion for long-term production as well as orders from foreign countries for their air $900  $900 refueling tanker needs.• Boeing is the country’s largest exporter with roughly 80 $850  percent of its airliners sold overseas where the 787 Dreamliner is most popular (Wired.com, 2/17/12). $800  Q2 07 Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11 Q1 12• Boeing added 9,000 workers in Washington since the end of 2010 and now employs 82,325 in the state.• As Boeing ramps up production to record levels in both Renton Snohomish County projected New Development and Everett, Washington’s 650 aerospace suppliers are adding 1000 capacity and gearing up to meet the company’s needs. 900• The Boeing Company has a $300 billion backlog of airplane 800 orders and by 2013 it will be cranking out about 60 airplanes 700 per month, according to Janice Greene, senior manager of 600 500 supplier diversity for Boeing Commercial Airplanes (The 400 Columbian, 04/1/2012). 300• Over the next two decades, the state’s most powerful employer 200 plans to sell 33,500 commercial airplanes for a cool $4 trillion 100 (Seattle Times, 2/7/12). 0 2010 2011 2012 2013 2014 2015 Completed Under Construction Planned Colliers International | p. 8
  10. 10. research & forecast report | Q1 2012 | MultiFamily PUGET SOUND APARTMENT VACANCY REPORT Mar 03 Sep 03 Mar 04 Sep 04 Mar 05 Sep 05 Mar 06 Sep 06 Mar 07 Sep 07 Mar 08 Sep 08 Mar 09 Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 King County: 7.5% 7.4% 7.1% 7.2% 6.7% 5.3% 4.7% 4.2% 3.9% 3.8% 4.1% 4.8% 6.8% 6.7% 6.0% 4.9% 4.3% 4.7% 4.1% Seattle North 6.5% 6.9% 7.0% 6.0% 5.9% 3.9% 3.6% 2.5% 1.9% 2.6% 2.9% 2.7% 5.1% 6.9% 6.5% 4.0% 3.8% 3.6% 3.1% Shoreline 7.5% 7.1% 6.7% 8.1% 7.1% 4.9% 5.7% 3.3% 3.9% 4.3% 2.7% 3.6% 4.6% 7.8% 7.1% 3.9% 5.0% 4.2% 4.0% North Seattle 6.5% 6.9% 7.0% 6.0% 5.9% 3.9% 3.6% 2.5% 1.9% 2.6% 2.9% 2.7% 5.1% 6.9% 6.5% 4.0% 3.8% 3.6% 3.3% Ballard 4.8% 2.8% 4.6% 2.3% 3.6% 2.2% 2.3% 0.8% 1.0% 0.5% 1.5% 1.0% 3.6% 6.7% 2.9% 2.7% 3.2% 2.0% 3.1% Greenlake/Wallingford 4.0% 10.3% 3.3% 4.3% 5.7% 4.1% 2.4% 3.4% 2.1% 1.6% 2.0% 3.6% 4.2% 5.9% 4.1% 2.8% 2.3% 3.9% 2.1% University 6.4% 11.4% 4.7% 4.3% 4.1% 4.8% 2.6% 4.2% 0.8% 2.8% 1.3% 2.3% 3.7% 7.2% 5.7% 5.3% 2.9% 3.1% 2.3% Seattle Central 7.4% 6.8% 6.7% 5.4% 5.3% 4.0% 4.0% 3.3% 3.2% 3.4% 3.7% 3.5% 6.4% 5.6% 5.0% 3.6% 3.6% 3.5% 3.1% Downtown/Belltwn/SLU 8.2% 7.0% 7.8% 6.5% 5.8% 4.9% 5.6% 4.8% 4.3% 4.6% 5.1% 4.5% 7.9% 6.0% 4.6% 4.6% 4.3% 4.7% 4.2% Capitol Hill/Eastlake 6.1% 5.6% 4.6% 4.4% 4.4% 3.4% 2.5% 1.8% 1.5% 1.8% 2.0% 1.7% 4.9% 4.3% 5.0% 2.4% 2.7% 2.3% 2.3% First Hill 8.3% 9.3% 8.1% 5.6% 5.8% 4.3% 2.7% 2.9% 2.4% 2.9% 3.7% 3.3% 6.4% 6.9% 4.9% 3.1% 2.8% 3.3% 2.8% Magnolia 7.0% 4.8% 7.5% 7.0% 5.6% 3.3% 4.8% 3.0% 2.8% 2.2% 3.9% 3.6% 4.5% 6.6% 6.8% 2.7% 5.9% 3.4% 4.1% Madison/Leschi 3.4% 1.0% 5.8% 0.5% 3.3% 0.5% 6.7% 0.0% 2.9% 1.4% 3.1% 1.1% 4.0% 2.8% 3.9% 1.1% 0.7% 0.9% 1.5% Queen Anne 6.7% 5.6% 5.2% 3.9% 4.8% 2.9% 2.7% 2.5% 2.9% 3.1% 2.5% 3.5% 6.1% 4.5% 5.0% 3.7% 3.8% 3.6% 1.9% Central District 9.7% 8.5% 7.0% 6.7% 5.6% 5.0% 5.2% 3.9% 6.3% 4.9% 4.8% 4.8% 6.6% 7.7% 5.6% 4.5% 4.3% 3.6% 3.4% Seattle South 7.6% 8.0% 7.7% 8.6% 7.8% 7.2% 5.0% 4.5% 3.5% 3.1% 3.7% 4.0% 7.2% 8.0% 6.8% 5.5% 4.5% 4.7% 4.4% Beacon Hill 6.7% 6.0% 10.7% 4.6% 5.3% 16.9% 2.9% 3.6% 4.7% 1.5% 3.0% 3.8% 3.7% 6.3% 8.1% 3.5% 4.9% 2.9% 1.6% Burien 8.7% 9.1% 9.2% 10.8% 8.9% 7.5% 5.2% 5.2% 4.9% 3.8% 4.2% 3.7% 9.6% 11.2% 6.3% 5.9% 4.1% 4.6% 5.2% Rainier Valley 3.7% 7.4% 4.3% 7.9% 6.2% 5.4% 8.7% 4.7% 3.1% 3.0% 2.8% 1.6% 2.4% 2.1% 3.2% 3.1% 2.8% 1.9% 2.6% Tukwila/Riverton 7.1% 8.3% 7.0% 9.2% 7.7% 6.5% 5.2% 3.7% 3.4% 4.1% 4.2% 4.6% 7.1% 6.7% 6.2% 5.4% 4.4% 5.1% 4.2% Seatac 8.0% 8.7% 8.4% 6.9% 9.4% 8.7% 5.1% 6.1% 3.1% 2.5% 3.9% 5.0% 8.5% 11.0% 9.6% 7.3% 6.8% 6.1% 4.3% West Seattle 8.2% 6.6% 6.8% 6.4% 6.0% 6.2% 3.6% 3.3% 2.3% 1.6% 2.0% 2.7% 4.3% 4.5% 5.4% 3.5% 2.8% 2.8% 4.1% Eastside 7.1% 6.7% 6.5% 6.8% 6.3% 4.6% 4.0% 4.4% 3.9% 3.9% 4.1% 4.5% 6.7% 5.6% 5.1% 4.1% 4.2% 4.5% 3.7% Bellevue East 6.6% 6.0% 5.0% 6.0% 5.7% 3.1% 2.6% 3.2% 2.7% 2.8% 2.6% 3.8% 6.0% 5.2% 4.3% 3.2% 3.6% 3.9% 2.7% Bellevue West 5.6% 6.2% 6.4% 6.5% 5.1% 4.6% 3.2% 4.2% 3.5% 4.6% 4.9% 4.6% 6.9% 5.8% 5.4% 3.2% 3.9% 4.3% 3.3% Bothell South 4.7% 7.4% 5.1% 5.1% 6.8% 4.4% 3.6% 4.1% 4.3% 3.2% 3.8% 2.6% 6.9% 6.0% 5.5% 3.6% 2.6% 4.1% 3.8% Factoria 8.4% 8.6% 8.0% 5.5% 7.2% 4.3% 2.5% 5.6% 3.9% 4.1% 4.9% 5.4% 6.2% 6.3% 6.8% 5.3% 5.4% 5.2% 3.4% Issaquah 12.0% 8.7% 11.3% 10.1% 10.0% 6.3% 6.9% 4.7% 4.5% 4.0% 4.7% 4.6% 7.0% 5.1% 5.1% 4.1% 4.3% 5.1% 4.2% Juanita 6.2% 6.4% 7.8% 7.5% 6.3% 5.0% 4.3% 3.2% 3.4% 3.5% 4.3% 5.4% 6.6% 6.1% 5.3% 5.5% 4.8% 4.2% 4.2% Kirkland 9.0% 4.4% 6.5% 5.9% 5.9% 7.4% 4.2% 6.8% 4.9% 6.7% 6.1% 7.8% 9.5% 6.2% 5.8% 6.0% 5.5% 5.3% 4.2% Mercer Island 7.1% 5.5% 4.5% 6.9% 6.2% 2.8% 12.8% 4.5% 6.8% 2.1% 7.2% 6.7% 7.5% 3.7% 2.5% 4.5% 6.2% 5.6% 4.1% Redmond 5.9% 6.9% 5.2% 7.2% 5.4% 4.8% 4.0% 5.5% 4.4% 4.7% 3.9% 4.1% 6.7% 5.9% 5.2% 4.4% 4.0% 4.8% 4.2% Woodinville/Totem Lk 8.1% 7.3% 7.2% 5.6% 6.4% 5.5% 2.8% 2.4% 4.1% 2.0% 3.9% 3.8% 5.4% 4.5% 5.8% 3.8% 3.5% 3.5% 4.7% Southend 8.3% 7.9% 7.8% 8.2% 7.4% 6.4% 5.9% 5.0% 4.9% 4.6% 5.0% 6.5% 7.8% 7.8% 7.3% 6.5% 5.2% 5.9% 5.6% Renton 8.4% 8.0% 8.5% 8.3% 7.1% 6.8% 5.8% 5.2% 5.5% 4.8% 5.4% 6.1% 8.0% 8.3% 7.8% 6.5% 4.8% 6.4% 5.9% Kent 8.4% 7.8% 7.9% 7.1% 7.2% 5.4% 5.9% 5.0% 4.1% 4.4% 4.6% 6.3% 7.7% 7.0% 6.7% 6.7% 4.6% 5.4% 5.1% Des Moines 9.2% 8.8% 8.9% 10.8% 7.9% 7.6% 6.7% 4.9% 5.7% 5.6% 5.8% 7.7% 7.6% 7.7% 7.0% 7.7% 6.0% 5.8% 6.1% Federal Way 8.0% 7.2% 7.1% 8.3% 8.3% 6.8% 5.5% 4.4% 5.6% 4.9% 4.9% 7.2% 8.4% 7.8% 7.7% 6.2% 6.4% 6.4% 5.9% Auburn 7.4% 8.7% 6.9% 8.1% 6.8% 6.3% 6.1% 5.7% 3.9% 3.5% 4.1% 5.6% 7.1% 8.5% 7.3% 5.8% 4.8% 5.3% 5.5% Snohomish County: 9.0% 9.0% 8.5% 7.7% 6.3% 5.8% 4.7% 3.9% 4.0% 4.0% 4.8% 5.8% 6.8% 6.9% 5.7% 5.7% 4.4% 5.1% 4.6% Everett Central 11.5% 9.6% 9.3% 6.7% 8.4% 8.6% 5.5% 3.7% 3.1% 3.5% 3.8% 6.0% 6.9% 6.7% 7.8% 7.0% 4.8% 5.0% 5.4% Mukilteo/Paine Field 11.6% 12.2% 10.0% 8.4% 6.1% 6.1% 5.4% 4.5% 5.3% 4.6% 5.9% 7.2% 7.7% 8.0% 8.7% 6.1% 4.7% 5.9% 5.5% Silver Lake 9.5% 8.9% 8.1% 7.7% 6.1% 6.2% 5.9% 4.2% 4.6% 4.3% 5.5% 6.4% 7.5% 7.0% 4.9% 6.6% 4.4% 5.4% 4.5% Lynnwood 8.1% 8.0% 8.2% 8.4% 7.2% 4.8% 4.4% 3.4% 3.6% 3.9% 4.8% 5.6% 6.8% 7.4% 5.3% 5.3% 4.4% 4.9% 3.5% Edmonds 8.6% 8.5% 8.3% 7.7% 5.8% 4.5% 5.2% 3.4% 2.9% 2.6% 3.0% 3.8% 4.9% 7.6% 5.4% 5.8% 6.0% 5.0% 4.3% Mill Creek 6.2% 6.0% 7.0% 6.2% 5.9% 5.3% 3.3% 3.7% 3.2% 3.8% 4.6% 6.0% 7.0% 6.0% 3.9% 4.7% 3.9% 4.9% 6.2% Marysville/Monroe 7.9% 7.9% 5.2% 5.0% 3.5% 3.7% 2.1% 0.9% 2.1% 1.7% 1.5% 3.1% 4.2% 3.5% 3.9% 4.4% 2.6% 4.0% 3.1% Mountlake Terrace 8.6% 9.2% 9.7% 10.0% 8.7% 7.7% 3.7% 4.3% 2.5% 3.4% 4.6% 6.0% 6.4% 6.8% 4.8% 5.3% 5.3% 4.4% 4.5% Bothell North 6.9% 8.1% 7.9% 6.0% 5.1% 5.5% 3.1% 4.3% 4.5% 4.7% 4.3% 4.0% 5.6% 5.0% 4.4% 4.8% 3.4% 4.0% 3.5% Pierce County: 6.7% 6.9% 8.0% 8.2% 6.5% 4.9% 4.8% 7.4% 5.9% 3.6% 3.9% 4.5% 6.0% 9.3% 7.6% 5.0% 5.6% 6.2% 5.8% Total 3-County Area: 7.7% 7.6% 7.5% 7.4% 6.6% 5.3% 4.7% 4.8% 4.3% 3.8% 4.2% 4.9% 6.6% 7.2% 6.3% 5.0% 4.6% 5.0% 4.5% Puget Sound Overall: 7.6% 7.3% 7.3% 7.4% 6.5% 5.3% 4.6% 4.7% 4.4% 3.8% 4.1% 4.8% 6.6% 7.2% 6.3% 5.0% 4.6% 5.3% 4.7% Colliers International | p. 9 Source: Dupre + Scott Apartment Advisors, duprescott.com, (206) 935-2915

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